(a)
how the carbon tax repeal has affected, or is affecting, the
entity’s regulated supply input costs; and

(b) how
reductions in the entity’s regulated supply input costs that
are directly or indirectly attributable to the carbon tax repeal
are reflected in the prices charged by the entity for regulated
supplies.

â¢ A entity that sells
electricity or natural gas to customers must:

(a)
give a carbon tax removal substantiation statement to the
Commission; and

(b) include
in the statement the entity’s estimate, on an average annual
percentage price basis, or an average annual dollar price basis, of
the entity’s cost savings that have been, are, or will be,
attributable to the carbon tax repeal and that have been, are
being, or will be, passed on to customers during the
financial year that began on 1 July 2014; and

(c)
provide information with the statement that substantiates such an
estimate; and

(d)
communicate to customers a statement that identifies, on an
average annual percentage price basis, or an average annual dollar
price basis, the estimated cost savings to customers that are
for the financial year that began on 1 July 2014.

(3) For the purposes of this Part, in determining whether the
price for a supply made by a entity does not pass through all of
the entity’s cost savings relating to the supply that are
directly or indirectly attributable to the carbon tax repeal, have
regard to the following matters:

(a) the entity’s cost savings that are directly or
indirectly attributable to the carbon tax repeal;

(b) how the cost savings mentioned in paragraph (a) can
reasonably be attributed to the different supplies that the entity
makes;

(c) the entity’s costs;

(d) any other relevant matter that may reasonably influence
the price.

(c) state that, in the Commission’s opinion, the price
for the supply did not pass through all of the entity’s cost
savings relating to the supply that were directly or indirectly
attributable to the carbon tax repeal.

[carbon tax price reduction
obligation]

( 18 ) Schedule 2,
item 3, page 76 (lines 9 to 13), omit all the words from and
including “the notice” to and including
“60C(2)(c).”, substitute:

the notice is prima facie evidence that the
price for the supply did not pass through all of the entity’s
cost savings relating to the supply that were directly or
indirectly attributable to the carbon tax repeal.

(1) This section applies to a entity if the entity has made,
or is making, one or more regulated supplies.

Carbon tax removal substantiation
notice

(2) The Commission must within 30 days after the Royal Assent
day, by written notice given to the entity, require the entity:

(a) to give to the Commission, within the period specified in
the notice, a written statement that explains:

(i) how the carbon tax repeal has affected, or is affecting,
the entity’s regulated supply input costs; and

(ii) how reductions in the entity’s regulated supply
input costs that are directly or indirectly attributable to the
carbon tax repeal are reflected in the prices charged by the entity
for regulated supplies; and

(b) to do either or both of the following:

(i) give to the Commission, within the period and in the
manner and form specified in the notice, information that
substantiates the explanation set out in the statement;

(ii) produce to the Commission, within the period and in the
manner specified in the notice, documents that substantiate the
explanation set out in the statement.

(3) A notice under subsection (2) is to be known as a
carbon tax removal substantiation notice .

(4) A period specified in a carbon tax removal substantiation
notice must be 21 days after the notice is given.

(1) A entity that has been given a carbon tax removal
substantiation notice may, at any time within 14 days after the
notice was given to the entity by the Commission, apply in writing
to the Commission for an extension of the period for complying with
the notice.

(2) The Commission may, by written notice given to the
entity, extend the period within which the entity must comply with
the notice.

(1) A entity that is given a carbon tax removal
substantiation notice must comply with it within 30 days of the
notice.

(2) The applicable compliance
period for a carbon tax removal substantiation notice
is:

(a) the period of 21 days specified in the notice; or

(b) if the period for complying with the notice has been
extended under section 60FB—the period as so
extended;

and includes (if an application has been
made under section 60FB for an extension of the period for
complying with the notice) the period up until the time when the
applicant is given notice of the Commission’s decision on the
application.

(3) A entity commits an offence if:

(a) the entity is subject to a requirement under
subsection (1); and

(b) the entity is capable of complying with the requirement;
and

(c) the entity omits to do an act; and

(d) the omission breaches the requirement.

Penalty: 200 penalty units.

(4) Subsection (3) is an offence of strict
liability.

Note: For
strict liability, see section 6.1 of the Criminal
Code .

(5) If subsection (3) of this section applies to an
individual because of subsection 6(2), subsection (3) of
this section has effect, in relation to the individual, as if the
reference to 200 penalty units were a reference to 40 penalty
units.

(6) If subsection (1) of this section applies to an
individual because of subsection 6(2), the individual is
excused from giving information or producing a document in
accordance with a carbon tax removal substantiation notice on the
ground that the information or the production of the document might
tend to incriminate the individual or expose the individual to a
penalty.

(2) Within 30 days after the Royal Assent day, the entity
must give to the Commission:

(a) a written statement that sets out:

(i) if the entity has electricity customers—the
entity’s estimate, on an average annual percentage price
basis, or an average annual dollar price basis, of the
entity’s cost savings that have been, are, or will be,
directly or indirectly attributable to the carbon tax repeal and
that have been, are being, or will be, passed on to each class of
electricity customers during the financial year that began on
1 July 2014 and if such entity fails to pass on such saving to
customers it shall on the 1 July 2015 pay to the Commonwealth of
Australia an amount equivalent to 250 percent of the said saving
which have not been passed on to the electricity customer; and

(ii) if the entity has natural gas customers—the
entity’s estimate, on an average annual percentage price
basis, or an average annual dollar price basis, of the
entity’s cost savings that have been, are, or will be,
directly or indirectly attributable to the carbon tax repeal and
that have been, are being, or will be, passed on to each class of
natural gas customers during the financial year that began on
1 July 2014 and if such entity fails to pass on such saving to
customers it shall on the 1 July 2015 pay to the Commonwealth of
Australia an amount equivalent to 250 percent of the said saving
which have not been passed on to the natural gas customer.

(b) information that substantiates the estimate or estimates
set out in the statement.

Note:
Section 137.1 of the Criminal Code creates an offence
of providing false or misleading information.

(3) A statement under paragraph (2)(a) is to be known as
a carbon tax removal substantiation statement .

(4) If the entity has given a carbon tax removal
substantiation statement to the Commission, the entity must ensure
that a copy of the statement is available on the entity’s
website, in a way that is readily accessible by the public, until
the end of 30 June 2015.

Compliance

(5) A entity commits an offence if:

(a) the entity is subject to a requirement under
subsection (2) or (4); and

(b) the entity is capable of complying with the requirement;
and

(c) the entity omits to do an act; and

(d) the omission breaches the requirement.

Penalty: 500 penalty units.

(6) Subsection (5) is an offence of strict
liability.

Note: For
strict liability, see section 6.1 of the Criminal
Code .

(7) If subsection (5) of this section applies to an
individual because of subsection 6(2), subsection (5) of
this section has effect, in relation to the individual, as if the
reference to 500 penalty units were a reference to 40 penalty
units.

(8) If subsection (2) of this section applies to an
individual because of subsection 6(2), the individual is
excused from giving an estimate or information under
subsection (2) of this section on the ground that the estimate
or information might tend to incriminate the individual or expose
the individual to a penalty.

Section does not limit
section 60H

(9) This section does not limit section 60H (which is
about the price-related information-gathering powers of
the Commission).

Section does not limit
section 155

(10) This section does not limit section 155 (which is
about the general information-gathering powers of the
Commission).

(11) The Commission must report to Parliament on
respect of the compliance of all entity within 13 months from the
date of Royal Ascent.

(2) Within 30 days after the Royal Assent day, the entity
must prepare a statement that:

(a) if the entity has electricity customers—identifies,
on an average annual percentage price basis, or an average annual
dollar price basis, the estimated cost savings, to each class of
electricity customers, that:

(i) have been, are, or will be, directly or indirectly
attributable to the carbon tax repeal; and

(ii) are for the financial year that began on 1 July
2014; and

(b) if the entity has domestic natural gas
customers—identifies, on an average annual percentage price
basis, or an average annual dollar price basis, the estimated cost
savings, to each class of natural gas customers, that:

(i) have been, are, or will be, directly or indirectly
attributable to the carbon tax repeal; and

(ii) are for the financial year that began on 1 July
2014.

Communication of contents of statement to
domestic customers

(3) During the period:

(a) beginning 30 days after the Royal Assent day; and

(b) ending 60 days after the Royal Assent day;

the entity must ensure that the contents of
the statement prepared by it under subsection (2) that relates
to a class of electricity customers or natural gas customers is
communicated to each customer of that class.:

Note:
Section 137.1 of the Criminal Code creates an offence
of providing false or misleading information.

Compliance

(4) A entity commits an offence if:

(a) the entity is subject to a requirement under
subsection (2) or (3); and

(b) the entity is capable of complying with the requirement;
and

(c) the entity omits to do an act; and

(d) the omission breaches the requirement.

Penalty: 400 penalty units.

(5) Subsection (4) is an offence of strict
liability.

Note: For
strict liability, see section 6.1 of the Criminal
Code .

(6) If subsection (4) of this section applies to an
individual because of subsection 6(2), subsection (4) of
this section has effect, in relation to the individual, as if the
reference to 400 penalty units were a reference to 40 penalty
units.

(7) If subsection (2) or (3) of this section applies to
an individual because of subsection 6(2), the individual is
excused from:

(a) preparing a statement under subsection (2) of this
section; or

(b) communicating the contents of a statement under
subsection (3) of this section;

on the ground that the information in the
statement might tend to incriminate the individual or expose the
individual to a penalty.